Key considerations for parents' health insurance

Senior citizens face higher health risks, making Health Insurance vital
Illustration of a health insurance office.—Author
Illustration of a health insurance office.—Author

Health insurance for parents is essential for everyone due to rising healthcare costs. Senior citizens face higher health risks, making health insurance vital.

Avoid adding them to the existing policy to prevent high premiums, exhausted coverage, and out-of-pocket expenses. Instead, opt for a separate health insurance policy tailored for seniors. It offers comprehensive coverage, and financial support, and safeguards their health, wealth, and well-being. If a person has decided to pursue a separate health insurance policy for their parents, then these are the factors one must consider.

Factors to consider for parents' health insurance

1. Sum insured

To minimise out-of-pocket expenses, it is advisable to select an appropriate Sum Insured that takes into account the increased vulnerability of elderly individuals to health risks and age-related diseases. Also, take into account any pre-existing diseases (PED) or other health complications the parents may have.

2. Waiting period

Look for policies with low waiting periods, which indicate the time the insured must wait before being eligible to claim coverage for specific diseases or illnesses. Policies designed for senior citizens often have shorter waiting periods. Alternatively, consider PED riders or waivers that reduce waiting periods in exchange for an additional premium.

3. Outpatient expenses coverage

Don't overlook coverage for outpatient expenses, including regular doctor appointments, pharmacy costs, and diagnostic expenses. As health risks increase with age, senior citizens may require frequent hospital visits for consultations. Having outpatient expenses covered will help mitigate these costs, subject to the policy's terms and conditions.

4. Network hospitals

Choose an insurer with a wide hospital network for cashless treatment and quality service. Network Hospitals work in collaboration with insurers, eliminating the need to pay large medical bills upfront. Opting for a provider with many Network Hospitals in your area offers convenient access to healthcare services.